FHA Streamline Refinance
New Changes to the FHA Loan Program
On January 7, 2015, the White House announced important changes to the goverment’s FHA Streamline Refinance program. You now have more options to save money when you refinance your mortgage.
The big news is that mortgage insurance premiums may be reduced by over 35%! It is estimated that the average homeowner may save more than $900 annually.
The FHA Refinance program is designed to help you get a new, more affordable FHA mortgage, even if your property value has declined.
Under the FHA Streamline program, credit checks and appraisals are not required, and now you can save even more with lower mortgage insurance premiums.
You may be eligible for the FHA Streamline Refinance Program if you meet all of the following criteria:
- The mortgage must be an FHA loan opened at least six months prior to refinancing.
- The mortgage must be current and in good standing: no missed or late payments in the past 90 days and no more than one late payment in the last 12 months.
- The borrower must use the home as a principal residence.
- The refinance must lower your monthly interest payments. There is no option to receive cash back.